Clean energy drives massive BHP takeover bid
A ready conductor of heat and electricity, copper has long been used in wiring, piping, industrial machinery and roofing.
A ready conductor of heat and electricity, copper has long been used in wiring, piping, industrial machinery and roofing.
The base metal is in the spotlight after mining giant BHP launched Thursday a $38.8-billion takeover bid for British rival Anglo American, in an audacious move to create the world's biggest listed copper producer.
BHP confirmed in a statement to the London Stock Exchange it interested in Anglo American's "world class copper assets", which include operations in Peru and Chile.
"The hard work of our Rincon team is laying the groundwork for our first lithium production by year's end," he said in a statement to Reuters late on Monday, after a recent trip to the project in the northern province of Salta.
Rio Tinto, the world's biggest iron ore producer, is one of the few large mining companies betting on lithium even as counterparts such as BHP stay away from investing in the metal, which is used in developing EV batteries.
Australia dominates the seaborne market for metallurgical coal, accounting for more than half of global volumes, and about three times the shipments of the next biggest exporter, the United States.
Coking coal is emerging as a top option for companies to make a foray into, as it is used to make steel, an important component in large infrastructure and renewable projects.
The company's latest financial statements showed it banked an annual underlying profit of US$13.4 billion, down 37 percent from last year, while global revenues fell 17 percent to US$53.8 billion.
Oil and natural gas prices, which soared to record highs last year in the wake of the Russia-Ukraine war, lost momentum in the first half but remained above the long-term average price levels.
The global mining company, which supplies energy needs for the world's second-biggest steel industry next to China, could be a major growth partner as India expands its output to buttress rapid economic growth, said Vandana Pant, BHP's chief commercial officer (CCO).
LNG demand growth slowed last year in China, the world's second largest LNG importer, as strict COVID-19 curbs hit economic activity and as global gas prices rocketed. While prices have dropped from last year's record highs, they remain above historical averages.